In an interview with the California Association of Realtors, recent statistics have brought attention to the housing market dynamics in California. As of September 2024, the median price for homes has reached $868,150, marking a decrease from August’s figure of $888,740. However, when compared to September 2023, this represents a 2.9% increase.

The association notes that sales have sharply declined over recent months, hitting a new low not seen in nine months. In their statement, they attribute this downturn to uncertainties in the economic outlook, along with a cautious consumer sentiment regarding lower mortgage rates, which have led to decreased buyer activity. As a result, sales have declined for two consecutive months, reaching a low for the year.

The association warns that the fluctuating mortgage rates mean that waiting for the perfect moment might not always be the best strategy. According to Zillow, as of October 21, the 30-year fixed mortgage rate in California stands at 6.28%.

Looking ahead, the association believes that the possibility of continued price reductions in the coming months could present a favorable opportunity for buyers. They also provided a list of counties with the lowest median home prices:

1. Trinity County: $274,500
2. Lassen County: $265,000
3. Siskiyou County: $290,000
4. Tehama County: $320,000
5. Mariposa County: $322,500
6. Lake County: $335,000
7. Glenn County: $348,000
8. Tuolumne County: $357,500
9. Del Norte County: $370,000
10. Shasta County: $374,500

Conversely, the association revealed the five most expensive counties:

1. San Mateo County: $2.1 million
2. Santa Clara County: $1,927,500
3. Marin County: $1.75 million
4. San Francisco: $1,625,000
5. Orange County: $1,397,450

The most expensive homes in California are predominantly located in the Bay Area, where property prices exceeded $2 million in September. In Southern California, the median price for homes during the same month was $850,000.